Ethereum price analysis: Short term support comes to the rescue, long term needs strength
- Ethereum bulls get support from in the short term.
- Longer term breakout seen, but trend still shaky.
Ethereum, the second largest cryptocurrency by market capitalisation, has managed to bounce off the support and is holding on in the green shade, after a massive sell-off that gripped cryptocurrencies in the last few weeks.
ETH/USD is up about 4 percent at $451.721, bouncing sharply from the low point of the day, which is at $435.14. On the 240-minute chart, ETH has taken support from the descending trendline that has been helping prices stabilise every time it has fallen near it in the last few days. Oversold RSI too has helped the cause for the bulls.
On the daily chart, there's a visibility of a price breakout from the descending trendline resistance, but it needs to cross past $500 resistance area for this trend to hold.
ETH/USD 240-minute chart:
ETH/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
